Actis, which focuses exclusively on emerging market investments, has raised a total of $2.9bn (£1.88bn) for Actis Emerging Markets 3.

At Clifford Chance, partners Jason Glover and Ed Gander and associate Peter Olds led the team acting on the fundraising. The O’Melveny & Myers team was led by UK partners John Daghlian and Solomon Wifa and included US partners Luc Moritz and Kathy Sanders.

While both firms have longstanding relationships with Actis, the house’s general counsel Paul Owers said they had been appointed because of “their strength and depth of experience in the private equity industry”.

Actis partner Jonathon Bond said the fund had been structured in such a way that funds can be allocated flexibly to markets where the best opportunities arise.

The structure involves co-investment by a series of English, Scottish and Guernsey based vehicles.

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